Bermuda registers 22 captive insurers in 2015
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The Bermuda Monetary Authority registered 77 new insurance entities in 2015, including 22 captive insurers, up from 16 new captives in 2014.
“Registration of captives is on the increase because they not only reduce insurance costs but are important components of the parent companies burgeoning risk management programs,” Shelby Weldon, the Hamilton, Bermuda-based BMA's director of licensing and authorizations said in the statement.
Other new registrations fell compared with the prior year, however.
The 13 intermediaries registered decreased from 24 in 2014; and the 20 special purpose insurers registered were down from 28 in 2014.
Of the 13 new intermediaries, six were managers, four were brokers and three were agents.
The registrants for 2015 included Qatar Reinsurance Co. Ltd., a Class 4 insurer with capital and surplus of at least $100 million.
“Captives registered … cover a diverse range of risks, from oil and natural gas drilling in Canada to drivers' insurance in Peru,” Mr. Weldon said.
“It is encouraging to see continuing registration from Canada and Latin America, as these regions have been targeted by Bermuda's business development efforts. However, the U.S. remained by far the greatest source of Bermuda's captive formations,” he said.
The total number of active captives in Bermuda on Dec. 31 was 797, a BMA spokesman said.
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